Solid State Lighting Market in U.S to see 12.5% CAGR till 2024, Top Key Vender: GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation, Bridgelux, Inc., TSMC, Veeco, Philips Lighting, Molex, OSRAM, Samsung Electronics

North America solid state lighting market size driven by Mexico, Canada and the U.S. may witness substantial gains at over 12.5% during the forecast timeframe. Reduction in manufacturing cost and rising horticultural applications for plant ignition is likely to stimulate product demand. Moreover, this region is witnessing a rise in the local assembly of SSL products and increasing demand for industrial & commercial LED products such as tunnel, high-bay, panel and troffer lights which in turn may boost regional industry growth.

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Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. TSMC
2. Veeco
3. Philips Lighting
4. Molex
5. OSRAM
6. Samsung Electronics
7. GE
8. Eaton
9. Nichia America Corporation
10. Mitsubishi Electric Corporation
11. Bridgelux, Inc.

Asia Pacific solid state lighting market driven by China, India, South Korea and Japan should register significant gains above 12% over the projected timeframe. Rising IoT adoption for smart city projects coupled with government endorsement of energy-efficient lights to minimize energy costs and smart city development projects may stimulate product demand in the region.

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Solid State Lighting Market growth will be driven by increasing product demand for automotive applications owing to smaller device size, aesthetic appeal and stringent regulations. In addition, increasing LED applications in indicator lighting products such as signals and signages may further stimulate market growth. Also, economic growth in Thailand, Malaysia and Indonesia coupled with population rise is estimated to boost the automotive sector, further stimulating the SSL product demand. Global automotive market is expected to surpass USD 5 trillion by 2024 which represents tremendous growth potential for solid state lighting market.

Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union.

With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.

Browse key industry insights spread across 530 pages with 1284 market data tables & 35 figures & charts from the report, Solid State Lighting Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/solid-state-lighting-market

Global LED-based SSL market size is poised to surpass USD 80 billion by 2024 pertaining to their low power consumption and rising demand for high brightness LEDs. These products are used in panel indicators, automotive lamps and large display screens which may boost solid state lighting market size. Government has mandated various laws or policies regarding product utility and implementation of tariffs of LED component import catering to the domestic market, may stimulate industry growth.

The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.

Global solid state lighting market share is moderately fragmented with major industry players such as ETi Solid State Lighting, Inc., Solid State Luminaires, Green Rock Lightning, TSMC, Veeco, ARC Solid-State Lighting Corporation, Cireon, LLC, Sasaki Associates, Inc., FC | SSL Lighting - US Commercial Lighting Manufacturer, Philips Lighting, MSi,Coolon LED Lighting, Molex, OSRAM, nTact, Samsung Electronics, GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation, and Bridgelux, Inc.

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